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Learn more about our Home Loan Scheme under TMB Retail Loan Products.

Our home loan scheme helps you to buy / build your dream home as per your choice at the best possible interest rate and longer repayment tenure with easy documentation and quick processing. Loans under this scheme are sanctioned based on the applicant’s past repayment record as well as his current income earnings.

Purpose

To Construct / Purchase a New House / New Flat or the cost of extension / Renovation / Purchase of Old House / Flat, Take over from other Banks / FIs.

Eligibility

HUF, Individuals aged between 18 and 50 Years. In case of Joint Borrowers, if any one of the applicant's age is below 50, they can avail Loan under "TMB - Home" Loan Scheme, jointly.

Relaxation

The Sanctioning Authority may relax:

1. The upper age Limit up to 55 Years, in the case of Government Employees of PSUs where the retirement age is 60.

2. In case of Professionals like Doctors, Engineers, Lawyers and Chartered Accountants, the upper age Limit may be relaxed up to 60.

3. In the case of Businessmen also, the upper age Limit may be relaxed up to 60 Years.

Loan Quantum

a) Up to Rs. 500 Lakhs in case of Metropolitan centres & Rs. 300 Lakhs for Non-Metro Centres. b) For Special cases, where IT returns are not available not exceeding Rs. 10 Lakhs. c) Up to Rs. 25 Lakhs for Renovation. d) Top-up Loans- Maximum of 15% of the original Loan amount or Rs. 15 Lakhs, whichever is lower for the purpose of improvements in the existing house for which, Loan has already been sanctioned by the Bank. e) Take-over of Loans from other Banks / FIs: - Actual amount outstanding.

Margin

For New Flat - 25%

Plot Purchase and Construction of House - 25%

Construction of House on existing plots - 10%

Renovation of House aged below 5 Years Old - 25%

Renovation of House aged above 5 Years Old - 40%

Renovation of Old Flat - 30%

In case of outright purchase, the loan amount should be sanctioned based on purchase cost, market value or Registration Value whichever is lower. In case of the house construction on the pre-owned plot, the loan may be sanctioned with 10% margin provided the total realizable value of the property after construction (i.e. Land and Building) should be more than 133.34% of Loan Amount.

Security

Equitable Mortgage of the Land / House / Flat purchased / constructed / acquired under the Loan and the improvements / additions thereto. Guarantee: a) In case of HUF - Guarantee from male members of the HUF. b) In case of Individuals: Spouse or father of the applicant or third party.

Repayment

Within a maximum of 30 Years (excluding Holiday Period) in equated monthly Instalments, excepting specific cases where restrictions are specified under "Eligibility".

Loan EMI Calculator:

For a Home Loan of Rs. 10,00,000 repayable in 360 equal monthly instalments at an interest rate of 9.75% p.a., the equated monthly instalment (EMI) payment shall be around Rs. 8,591.54. Click for Monthly Amortization Chart.

# For purchase of Old House / Flat: House / Flat should be constructed within 20 years and residual life of the House / Flat should be 15 years and above. The Residual life should be certified by our Approved Engineer. Valuation of the property should be made by Approved Engineer and the Branch Manager.

# For take over from Other Banks / FIs: Loan amount will not exceed actual amount outstanding with the other Banks / FIs. Evidence should be obtained from the other bank/FIs that, it is a regular account. Repayment shall be The Residual Period with the other Banks / FIs. In case, if the customer insists for a longer repayment period than the residual repayment, it may also be considered provided the repayment falls with the residual life of the House / Flat. A Residual life certificate is to be obtained from our Approved Engineer.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Goods & Service Tax (GST) on All Service Charges extra wherever applicable.